CIT Group's Real Estate Finance business served as sole lead arranger on a $27 million loan to finance acquisition of a warehouse and distribution center in Green Cove Springs, Florida.
 
The facility, located about 40 miles south of downtown Jacksonville, Florida, and close to the First Coast Expressway, consists of about 782,000 square feet of warehouse and distribution space, including about 209,000 square feet of refrigerated space. The property was acquired by an entity managed by PKY Special Situations LLC and will be managed by Parkway Property Investments.

"Demand remains high for warehouse and distribution space to serve the Southeast and Florida markets," said Al De Olazarra, President of PKY Special Situations LLC. "We were pleased with CIT's expertise and agility in arranging the financing to complete the acquisition."

"We worked closely with the buyers to understand their requirements on this project and provide funding to meet their objectives," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.